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Ronald Coase

(b. 1910)

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Aaron Director

Aaron Director  

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(1901–2004)Aaron Director was born in 1901 in Charterisk, in what is now Ukraine, late in 1901. He died at his home in Los Altos, California on 11 September 2004 ...
Arthur Twining Hadley

Arthur Twining Hadley  

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(1856–1930)Hadley was born in New Haven, Connecticut on 23 April 1856, the only child of James Hadley and Anne (Twining) Hadley. He died 6 March 1930 in Kobe Harbor ...
Coase theorem

Coase theorem  

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A concept often invoked in the economic analysis of law. Named after the Nobel laureate Ronald Coase (1911– ), it defines an “efficient” outcome as one in which the net sum of social wealth is ...
economic analysis of law

economic analysis of law  

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A theory of law, usually seen as a modern form of utilitarianism, based largely on the proposition that a rational human being will always act to maximize his satisfactions: if he wants something ...
Edith Elura Tilton Penrose

Edith Elura Tilton Penrose  

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(1914–96)Edith Tilton was born on 15 November 1914 at Sunset Boulevard in Los Angeles, and died in October 1996 at Waterbeach, Cambridgeshire. Both her parents were descended from early ...
Frank H. Knight

Frank H. Knight  

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(1885–1972)Frank H. Knight was born on 7 November 1885 in White Oak Township in McLean County, Illinois, and died on 15 April 1972 in Chicago, Illinois. Knight’s parents were ...
Gardiner Coit Means

Gardiner Coit Means  

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(1896–1988)Gardiner Coit Means was born in Windham, Connecticut on 8 June 1896 and died quietly at home near Vienna, Virginia on 15 February 1988. The son of a Congregational ...
George Joseph Stigler

George Joseph Stigler  

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(1911–91)George Stigler was born in Renton, Washington on 17 January 1911, and died in Chicago, Illinois on 1 December 1991. Educated at the University of Washington (B.A., 1931), Northwestern ...
Herbert Joseph Davenport

Herbert Joseph Davenport  

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(1861–1931)Davenport was born in Wilmington, Vermont on 10 August 1861, and died in New York City on 16 June 1931. He was a self starter, whose academic career began ...
James McGill Buchanan

James McGill Buchanan  

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(1919– )James McGill Buchanan was born on 3 October 1919 in the country village of Gum, near Murfreesboro, in Rutherford County, Tennessee. He was raised on the Buchanan family farm ...
John Jewkes

John Jewkes  

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(1902–88)John Jewkes was born in June 1902 in Barrow-in-Furness, Cumberland and died 18 August 1988 in Oxford. Much of the first part of his life was spent in the ...
John Rogers Commons

John Rogers Commons  

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(1862–1945)John Rogers Commons was born in Hollansburg, Ohio on 13 October 1862 and died in Raleigh, North Carolina on 11 May 1945. His early life provides important guidance to ...
Oliver Eaton Williamson

Oliver Eaton Williamson  

(1932–)Oliver Eaton Williamson was born in Superior, Wisconsin on 27 September 1932. Several years after obtaining a bachelor's degree at the Massachusetts Institute of Technology in 1955, he ...
theory of the firm

theory of the firm  

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A rationale for the existence of firms. Economists were slow to recognize that the existence of firms required explanation. The theory first developed by Ronald Coase in 1937 to account for these ...
transaction costs

transaction costs  

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The cost incurred in undertaking an economic exchange. Practical examples of transaction costs include the commission paid to a stockbroker for completing a share deal and the booking fee charged ...

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